Pakistan prequalifies nine parties for GEPCO privatisation

Pakistan’s Privatisation Commission has prequalified nine parties to bid for a 51% to 100% stake in Gujranwala Electric Power Company (GEPCO), including management control, as the government advances its plan to privatise power distribution companies.

The decision was taken at the 259th meeting of the Privatisation Commission Board, chaired by Prime Minister’s Adviser on Privatisation and Commission Chairman Muhammad Ali, according to a statement issued Monday.

The commission received 11 expressions of interest for GEPCO. After evaluating the applicants against the approved criteria, the financial adviser recommended nine parties for the next stage.

The prequalified parties are:

Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S.

Genvera Enerji A.S.

Cengiz Enerji Sanayii Ve Ticaret A.S.

Engro Energy Limited

Sapphire Fibers Limited

Hub Power Holdings Consortium

Shirazi Investments (Pvt.) Limited Consortium

Artistic Milliners (Pvt.) Limited Consortium

AKD Securities Consortium

The list includes three Turkish energy companies, along with major Pakistani business groups and investment consortia, indicating interest from both domestic and international investors in Pakistan’s power distribution sector.

K-Electric withdrew its expression of interest, while Al Sharif Contracting & Commercial Development Co. Ltd. could not provide the documents required under the Request for Statement of Qualification, the commission said.

The nine prequalified parties will now move to the next phase, including access to a virtual data room for detailed due diligence.

The government is pursuing the privatisation of distribution companies as part of efforts to improve operational efficiency, attract private investment and strengthen electricity services.

Airport outsourcing

The board also considered the reconstitution of a negotiation committee for the proposed outsourcing or concession of three major airports — Allama Iqbal International Airport in Lahore, Jinnah International Airport in Karachi and Islamabad International Airport.

The process is part of the government's wider airport outsourcing programme and is aimed at moving the transactions forward through a structured negotiation process.

Financial-sector privatisation

The board also reviewed progress on the proposed privatisation of House Building Finance Company Limited and Zarai Taraqiati Bank Limited.

Transaction advisers were directed to fast-track both processes to ensure timely progress.

The commission said it remains committed to conducting the privatisation programme through transparent and competitive transactions designed to attract credible investors, improve efficiency and service delivery, and maximise value for the government and the public.